Court convicts and fines former director and shareholder of Wonderful Wealth Group Limited for unlicensed activities
SFC News, 4 Jun 2020
The Eastern Magistrates’ Court today convicted Mr Chong Kin Ting, former director and shareholder of Wonderful Wealth Group Limited (WWGL), of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal. The SFC alleged that he aided, abetted, counselled, procured, induced WWGL to hold itself out to the investors as carrying on a business of dealing in futures contracts and asset management or that the offence by WWGL was committed with the consent, connivance of or was attributable to recklessness of Chong.
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MAS and CAD Commence Joint Investigation into Officers Responsible for Managing Eagle Hospitality Trust
MAS News, 5 Jun 2020
The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have launched a joint investigation into current and former directors, and officers responsible for managing Eagle Hospitality Trust (EHT), in connection with suspected breaches of disclosure requirements under section 203 of the Securities and Futures Act (Cap. 289).
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ESMA Updates Reporting Instructions for MMF Reporting
ESMA News, 4 Jun 2020
ESMA has implemented amendments on the XML schema and reporting instructions in a new version, v1.1. which is published today. As indicated in the announcement published on 31 March this update follows feedback received by market participants after the publication of the first version of the XML schema (v.1.0) and an assessment of the technical committee. Reporting entities should use the version v1.1 to submit reports required under Article 37 of MMF regulation by September 2020. The reference period for the first reporting is Q1 2020, meaning that MMF Managers shall report in September 2020 quarterly reports for both the Q1 and Q2 reporting periods.
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ESMA Promotes Convergence in the Supervision of Costs in UCITS and AIFS
ESMA News, 4 Jun 2020
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published today a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). This briefing comes in response to the need to improve convergence across NCAs in the approach to undue costs.
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ESMA Fines Scope Ratings €640,000 for Failings in Covered Bonds Ratings
ESMA News, 4 Jun 2020
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulators, has fined Scope Ratings GmbH (Scope) €640,000, and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRAR) in relation to the systematic application of its 2015 Covered Bonds Methodology (CBM) and its revision.
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Insurance Company Settles SEC Charges for Failing to Disclose Executive Perks
US SEC News, 4 Jun 2020
The Securities and Exchange Commission today announced settled charges against Bermuda-based insurance company Argo Group International Holdings, Ltd. for failing to fully disclose perquisites and benefits provided to its former chief executive officer.
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CFTC Unanimously Approves Final Rule at June 4 Open Meeting
CFTC News, 4 Jun 2020
The Commodity Futures Trading Commission at its open meeting today unanimously approved a final rule prohibiting persons from seeking to claim a Commodity Pool Operator (CPO) registration exemption who have, or whose principals have, incurred any of the relevant statutory disqualifications listed in the Commodity Exchange Act (CEA).
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